Ethereum’s Gain Is Bitcoin’s Loss
Ethereum, just like Bitcoin is a virtual currency. Virtual currencies have been gaining traction in many countries like Argentina with high inflation rates and in other countries with low inflation rates too. Virtual currencies can be transferred or exchanged for goods, services or even ‘actual’ money.
But unlike Bitcoin Ethereum seems to be a tad more flexible. Recently Ethereum’s software underwent a hard fork, something which requires software updates for every user to improve upon some technical aspects. This was Ethereum’s third hard fork whereas Bitcoin has just had one which wasn’t a planned one but had to be carried out due to a technical glitch.
Darwin’s law of natural selection applies almost in all the spheres of life which stipulates that to survive is to evolve. Many pundits believe this applies to virtual currency too and Bitcoin’s inability or unwillingness to change may prove to be its doom. A hard fork for BTC is more improbable mainly because of the larger size of the community and the different voices present in it.
Ethereum’s update – which had to be made to recover stolen money to the tune of 56 million USD – was being viewed sceptically by many too but all speculations and inhibitions were put to rest when Ethereum creator Vitalik Buterin announced that the fork was a success merely hours after it was launched.
Also many reports claim that Bitcoin is rotten due to internal politics and no one wants to change whether it is the miners or the services that deal in Bitcoin due to their own vested interests. Vitalik too accepts that a smaller community helped in making the necessary changes and that it would be difficult to have subsequent hard forks as Ethereum grows.
Bitcoin’s indecisiveness is Ethereum’s gain which is looking to capitalize on a larger share of the virtual currency market. While conceding that Ethereum is still in its nascent stages, Stephen Tual one of the more important developers in Ethereum emphasised that this is an advantage as it allows them more room to experiment and hence build a better product.